Bajaj Finance Home Loan

Bajaj Finance Home Loan

About Bajaj Finance

Bajaj Finserv is part of the well-known Bajaj Holdings and specializes in lending, asset management, wealth management and insurance. It has over 1400 branches across the country and is one of the leading providers of retail finance.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Bajaj Finance Home Loans

Bajaj Finance offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, Bajaj Finance Home Loans are tailor made catering to the needs of various customers.

Advantages of Bajaj Finance Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low interest rates
• Low processing fees
• Less paperwork
• No prepayment penalties
• No hidden costs and administrative charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Features of Bajaj Finance Home Loan

Objective: Bajaj Finance home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount: You can get Bajaj Finance home loan for up to INR 10 crores. The loan amount is also determined by the repaying capacity and credit profile.

Rate of Interest: Interest rate starts from 8.40% onwards

Processing fee: Up to 2% of the loan amount

Tenure: The repayment period is 30 years

Flexi Hybrid Loan: This facility allows you to pay the interest in the initial tenure and pay the principal later with the interest only for the amount utilized.

Easy Balance Transfer: With this facility, you can transfer your existing home loan with other bank to Bajaj Finance for a lower interest rate.

Prepayment: No charges are levied on partial prepayment or foreclosure of the home loan.

EMI Holiday:You can enjoy 3 EMI holidays with the Bajaj Finance home loan.

Insurance Policy: An insurance cover to protect your family against repayment of home loan in the event of unfortunate situations.

Documents Required to Apply for Bajaj Finance Home Loans

Important documents to be submitted while applying for home loans with Bajaj Finance

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your Bajaj Finance home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bajaj Finance, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bajaj Finance account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bajaj Finance account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Bajaj Finance account at your nearest Bajaj Finance Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Bajaj Finance Home Loan?

You can either apply online or visit a nearby Bajaj Finance branch for the application. You can also download the home loan application form from the Bajaj Finance official website, complete the form and submit it the bank representative.

Home Loan and Credit Score

A good credit score is really the starting point to get the best offers on home loans from all lenders, with a score above 750+ you will be able to get flexible repayment tenor, reduced interest rates and save on monthly EMIs.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Bajaj Finance Home Loans

With attractive interest rates and low processing fees, Bajaj Finance caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Bajaj Finance home loan without any penalty. Bajaj Finance home loan is the best option to buy or construct your dream house.

Bajaj Finance Home Loan FAQs

1. Is there penalty for prepaying the Bajaj Finance Home Loan?

No penalty is levied for prepaying the Bajaj Finance Home Loan.

2. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

3. What is the maximum loan repayment period for Bajaj Finance home loans?

The maximum repayment period is 30 years.

4. How Can I apply for Bajaj Finance home loan?

You can either apply online or visit a nearest Bajaj Finance branch and take the help of the bank’s representative.

5. What is the maximum loan amount provided by Bajaj Finance?

The maximum loan amount depends on the market value of the property.

6. Does Bajaj Finance facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Bajaj Finance.

7. Can I get tax benefits from Bajaj Finance Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.